PT. AKR Corporindo, Tbk

AKRA Recorded 3M 2024 Net profit of IDR 595 billion and Booked Industrial Estate Revenue of IDR 387 bn

April 25, 2024

JAKARTA, April 25, 2024 

PT AKR Corporindo Tbk., (AKRA IJ) Indonesia’s leading logistics and supply chain for Petroleum and basic chemicals and developer of JIIPE Special economic zone, today filed its unaudited financial statements for the 3 months ended 31st March 2024 with the Indonesian stock exchange. 

Release Highlights:

- PT AKR Corporindo Tbk (AKRA) reported Net Profit attributable to Equity holders of IDR 595 Billion

- Consolidated Sales revenue during 3M 2024 is Rp 9,811 billion lower year-on-year basis due to lower average selling price and lower mining activity due to unfavorable weather and other conditions. 

- During 1Q 2024, IDR 387bn revenue booked Industrial Estate Segment from land sales, land lease and utilities.

- EBITDA during 3M 2024 reached IDR 832bn.

- Strong performance resulted in ROE of 19% and ROA  10% (TTM).

- Strong balance sheet position with total assets of Rp 30,418 billion as of 31st March 2024 and low debt. 

- Cash position as of 31st March 2024 is Rp 6,643bn or 22% to total asset with net Gearing Ratio at -0.12x.

Key Performance Highlights for 3M 2024

CEO Statement on Financial results three months ended 31st March 2024

“AKR continues to sustain profit growth during 1Q 2024; trading and distribution business is expected to grow with the increasing demand for petroleum and chemical in the mining segment in 2024. Investment in tank terminal, ship and logistics will enable AKR to serve more customer efficiently. The company continues to pay attention to managing Forex movement and also the pass through of petroleum price movement.”

“JIIPE KEK continues to intensify market land sales and utilities and during the 1Q 2024 booked land sales of IDR 317bn. With many large plants being commissioned during FY2024, the utilities and port income are expected to increase. Overall, we continue the growth momentum since 2022 when we reached new profitability. We continue to maintain our guidance of achieving net profit growth of 12 -15% during the FY2024” Said Haryanto Adikoesoemo, President Director of AKR Corporindo.

Historical Net Profit After Minority In 1Q


Consolidated Financial Statement

Summary of Profit and Loss Account For the Three Months Period Ended 31st March 2024 (Unaudited)


AKR Consolidated Sales for the Three Months Period Ended 31st March 2024 is IDR 9,811 billion; revenue was lower than the same period last year due to lower 1) average selling price of petroleum and basic chemicals 2) heavy rain in clients’ operation sites. JIIPE also booked land sales amounting IDR 317bn from automotive industry.

Gross Profit 3M 2024 IDR 894 billion – Maintaining contribution profile to previous year

The consolidated gross profit in 3M24 reached IDR 894 billion which was mainly contributed by trading and distribution business of 72%. The Industrial Estate segment contribution is still above 20% marking similar contribution to previous year. Overall Gross Margin during the 3M 2024 reaches 9.1% of Sales Revenue.

Balance Sheet

The Company continued to maintain a Strong balance sheet with ample liquidity and low debt levels; As of 31st March 2024, Total Assets of the Company is IDR 30,418 billion; Total Equity of the Company is Rp 14,724 billion.

The total Short term and long term borrowings of the Company as at 31st March 2024 is Rp 3,599 billion while the Cash balance is Rp 6,643 billion (22% Total asset) resulting in Net Gearing of the company:  - 0.12x  ( NET CASH) 

Good working capital management and adequate cash generation resulted in a healthy Current ratio of 1.6x


The consolidated financial statements that have been submitted to OJK and IDX today can be downloaded from the company's website 

Annual General Meeting 2024

The company has invited shareholders to attend Annual General Meeting of Shareholders which will be held as follows:

- Date: Monday, April 29, 2024

- Time: 10.00 AM - Finish

- Venue: AKR Gallery West, Meeting Room P2 Floor, Jl. Panjang No.5, Kebon Jeruk, West Jakarta 11530,  Indonesia

- Mechanism: Physical and electronic AGMS via the eASY.KSEI application

Details of the Agenda, including declarations of Dividend can be accessed on company website or by clicking on following link: 

Corporate Secretary and Investor Relations

PT AKR Corporindo Tbk

For More Information please Contact: 

[email protected]  

[email protected]